Risk management consultation involves the identification of different types of risks that can affect businesses as well as business processes. It also includes the development of effective strategies that will enable the business to reduce the effect of the risks that have been identified.

There are a lot of opportunities to make money as a risk consultant. The services of risk management consultants are needed by modern business enterprises for enterprise risk management.

• What Should you Know About Being a Risk Consultant?
• How Can I Become a Risk Consultant?
• What is the Role of a Risk Consultant?
• What Degree do You Need for Risk Advisory?
• How do Consultants make a Living?
• Is Risk Consulting a Good Career?
• Do Risk Consultants Travel?
• What is Risk Consulting at KPMG?
• What is Risk Consulting at EY?
• Do Risk Managers Make Good Money?
• Is Risk Advisory the Same as Consulting?
• How do I Get Into Consulting With no Experience?

What Should you Know About Being a Risk Consultant?

Education and training requirements

As a risk management consultant, you have to be knowledgeable about the internal processes of businesses and other environmental factors that may become a possible risk to the success of the companies that you work for. Therefore, to make money as a risk consultant, you have to be ready to acquire extensive knowledge as well as expertise.

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The risk management process is very complex and this makes it necessary for risk management consultants to have a number of qualifications such as a business management degree, an MBA and possibly a PHD. It is also necessary to have practical experience in the management of organizations. Membership of relevant professional bodies is also highly relevant.

The Job

A risk management consultant is expected to be able to identify risks that result from inefficiency in vital internal processes of the organization such as human resource issues and management practices. He is also expected to identify risks that emerge as a result of various external environmental forces such as technological risk, political risks and economic risks.

The risk management consultant’s main duty is therefore to assess, evaluate, provide an estimate and also produce a report on the risks that have been identified as well as their impact on the success of the organization. This process is closely followed by the development of control measures and guidelines that will enable the company to lower the impact of identified risks.

Gaining Experience

A successful career in risk management consulting requires a lot of experience and exposure to various types of business organizations. Theoretical knowledge is important but the ability to work under different types of corporate systems and cultures is very vital.

The knowledge that you gained from your exposure to different systems and practices will be very useful in your practice of risk management. It will also elevate your status as a consultant and you will be able to get consulting contracts from leading corporations.

The opportunities to make money as a risk consultant are increasing because there is now an increased demand for these professionals in different industries. This profession is one of highest paid in the industry because of the extensive knowledge and skills that are required. The increasing complexity in the business world and its attendant risks makes it vital for organizations to have access to risk management services.

This is why these professionals have become valuable assets that are critical to the success of business processes. Companies that want to remain competitive in the marketplace hire risk consultants and provide them with needed resources and facilities.

Target Markets

A risk consultant is highly needed in sectors that deal with assets and liabilities as well as by foreign exchange dealers, also, aviation industry, real estate managers could not do without taking risk management into their business plans hence a risk manager would always be in the burner or better still relevant in today’s business.

How Can I Become a Risk Consultant?

Risk consultants utilize their expertise in finance, business, and mathematics to assess the stakes of financial decisions for their clients. These professionals compile and analyze statistical data to predict the likelihood of an event, such as death or property loss, that could be financially detrimental.

They then develop policies to minimize that risk. Consultants often specialize in life, health, casualty, or property insurance. Frequent travel may be involved, and some overtime might be required.

Step 1: Earn a Bachelor’s Degree

Individuals interested in becoming risk consultants need to earn a bachelor’s degree, preferably in a field such as mathematics, statistics, or actuarial sciences. A 4-year program in actuarial science tends to include coursework in calculus, statistics, probability, finance, investments, and portfolio management.

Alternatively, a prospective risk consultant might opt for a bachelor’s degree in any business-related field, like economics, accounting, finance, or business administration.

Take coursework relevant to the career. In addition to studying business, finance, and math, students planning on careers in risk consulting can prepare for other aspects of the job by taking courses in computer science. It’s particularly important to learn to use spreadsheet and statistical analysis software. Writing and speech courses also might be beneficial.

Participate in an internship. Completing an internship through an insurance agency or consulting firm can help aspiring risk consultants gain hands-on experience in the field. According to the U.S. Bureau of Labor Statistics, many interns find employment after graduation at the firms for which they interned.

Sit for an initial actuary exam. According to the U.S. Bureau of Labor Statistics, more and more employers prefer to hire applicants who have passed one or more preliminary exams required for actuary certification. Such exams are offered through two main certifying societies: the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA).

Step 2: Obtain an Entry-Level Job

After graduation, risk consultants usually start out as trainees at insurance agencies and brokerages. Certification is not required for such a position, though these workers must be on the track to obtaining credentials. Trainees might work as part of a team of actuaries who are mentored by an experienced actuary.

They tend to complete simple assignments like collecting statistical data. As they gain experience and learn about a company’s procedures, trainees go on to conduct research, write reports, and complete other more complex tasks.

Step 3: Become an Associate Actuary

Certification through CAS or SOA allows risk consultants to achieve full professional status in their chosen field, and many start the certification process during college. The SOA provides certification for those in the finance, investment, health/life insurance, and retirement benefits fields, while the CAS certifies specialists in property and casualty insurance.

To become certified as an associate, a candidate must pass a series of exams, take professional seminars, and pass online courses. This can take 4-6 years. Employers often support workers through the certification process, sometimes funding exam costs and awarding compensation after passage of exams.

Step 4: Obtain Fellowship Certification and Additional Credentials

After gaining associate status, actuaries can go on to obtain fellowship certification through the same certifying society. This generally requires an additional 2-3 years of experience. Those who obtain credentials through the SOA can pursue specialty certification in areas like finance/enterprise risk management or life/annuities.

Along with certification, registration with federal government agencies is required of actuaries who specialize in pensions. These workers must enroll with the Joint Board for the Enrollment of Actuaries of the U.S. Department of the Treasury as well as the U.S. Department of Labor. This requires experience and passage of a pair of exams administered by the SOA.

Step 5: Become a Consultant

With experience, risk analysts can go on to work as independent contractors, either as part of a firm of their own forming or in long-term consulting positions.

Due to increased federal regulation and legislation in some sectors as well as competition and downsizing of positions within corporations, risk consultants often transition away from big business and into contractual-based consulting. These positions typically entail long hours compared to non-consulting positions.

Join a professional organization. Consultants can benefit from joining the Society of Risk Management Consultants (SRMC) or another industry organization. The SRMC is geared toward independent consultants and provides networking, learning, and industry tools to its members.

Maintain certification. Risk consultants certified by the SOA or CAS must maintain their credentials by completing continuing education on a regular basis. This often involves going to employee- or society-sponsored training seminars.

Earning a bachelor’s degree, obtaining an entry-level position, becoming an associate actuary, obtaining fellowship, and becoming a consultant are the steps to take to make the most of a career as a risk consultant.

What is the Role of a Risk Consultant?

Risk consultants identify potential risks that an organization may face and come up with strategies to mitigate these risks. The role of a risk consultant is for an organizations protection. The risk consultant works to prevent the company facing issues in the future. Types of risk consultants include:

• Financial risk. This role involves making sure the organization has enough money that, even if events outside of its control happen, it can still remain afloat. Financial risk is often separated into liquidity risk, which relates to organizations having enough money which isn’t in stocks or assets to stay in business in the case of economic issues, and credit risk which means working out how risky it is to lend money to customers. 
• Non-financial risk. This is a broad term for all the risk consultants that work beyond financial risk. One example of non-financial risk is cyber risk, which relates to how secure the IT system of an organization is. 

Despite the many different types of risk and compliance consultants, there are lots of responsibilities which overlap between the jobs. Here are the tasks that you do as a risk or compliance consultant:

• Have meetings with an organization to understand their needs and the specific area that you’re targeting
• Carefully analyze the target area, either looking for potential risks or identifying potential legal or regulatory issues
• Develop strategies to minimize risks
• Train employees to work within regulations to deal with risks
• Write reports with your findings to submit to the client

What Degree do You Need for Risk Advisory?

The CFE credential provides risk management professionals with the knowledge to detect and deter fraud by identifying unusual trends and fraud indicators in the organization’s processes and operations.

Additionally, it ensures risk management professionals have the necessary tools to identify, assess, monitor and control fraud risk. Candidates who have earned their CFE credential are regarded as leading experts in the field, making them more preferential to many employers. 
 
The ACFE’s Global Salary Study found that CFEs earn a 34% income premium over their peers without the credential, which demonstrates the value employers place on the credential. The study also provides valuable information and comparisons helpful to all anti-fraud professionals in benchmarking their compensation levels and career growth.

The training, fraud resources and continuing education provided by the Association of Certified Fraud Examiners (ACFE) will help in any stage of your career path.

A bachelor’s degree in risk management, finance, economics, business management, statistics, computer science and/or other related fields is usually required.

One to two years of related experience is preferred. Professional certifications for risk management professionals include Certified Fraud Examiner (CFE), Certified Risk Analyst (CRA), Certification in Risk Management Assurance (CRMA), Financial Risk Manager (FRM), Professional Risk Manager (PRM) and/or Certified in Risk and Information Systems Control (CRISC).

How do Consultants make a Living?

There are many ways to earn money as a consultant: social media consulting, IT consulting, home staging consulting, environmental consulting and much more.

Start by doing an inventory of your skills and experience. What are you good at? What do you love to do? Then determine how to work your passions into a lucrative consulting career.

If you’re interested in earning money as a consultant, you may want to make it your full-time career or you may simply want to consult as a side job. Either way, it’s important to focus on how to earn money as a consultant. No matter how much you love your work, work is work.

Many consultants choose to earn money on a per-project basis rather than an hourly rate. From the outset you must be paid fairly–and perhaps even generously.

Setting the appropriate consulting fee rates is integral to being a successful consultant. Being a consultant involves a lot of perks, but it also involves hard work and risk. Your hourly wage should and can reflect this. In fact, the average consulting fee ranges from thirty to hundreds of dollars an hour.

Is Risk Consulting a Good Career?

The employment of risk consultants is expected to grow at an average rate over the next decade.

Demand for risk consultants will stem from the need to reduce costs and risks associated with doing business. Risk consultants will be needed to help companies understand and manage their risks, particularly in the areas of cyber security and climate change.

Risk consultants typically start their careers in entry-level positions, such as risk analyst or risk associate. With experience, they may advance to senior risk analyst or senior risk consultant. The most experienced and successful risk consultants may become partners in their firms.

In order to advance their careers, risk consultants should consider pursuing advanced degrees, such as a master’s degree in risk management or a Juris Doctor/Master of Laws in risk management. They should also consider becoming certified in their field, such as by the Global Association of Risk Professionals or the Institute of Risk Management.

It’s 100% a great role for graduates with 0–2 years of experience. The candidate will end up learning a lot, and building a good base for themselves, both by way of skill as well as network. Future options can be moving towards more exciting divisions within the Big 4, like TAS/LA (investment banking/advisory/due diligence), or even KPOs like McKinsey Knowledge Center.

Of course, one top option will always be to go for your further education – apply to schools like ISB, SP Jain, or study abroad in a top college (CEIBS being the best option in Asia right now).

Do Risk Consultants Travel?

If you go into consulting, you should expect to travel at most firms, but the level of travel will vary by firm and by project.

The amount of travel tends to be drive by the firm’s staffing model. Some firms have more local/home staffing models which tends to mean less travel and some have regional or global staffing models which tends to mean more travel.

Typically, travel is Monday – Thursday at most of the major firms, with Friday being back in your home office. That said, some firms travel five days a week as a norm, but most travel three to four days when you are on a non-local project.

For a large firm with a global model, typically, you are spending around 80% of the time traveling, and the other 20% of the time you are in your office, “on the beach” or “on the bench”, where you are doing knowledge development or helping with business development.

For a firm with a more local model, travel could range but on average would be closer to 50%.

If you don’t want to travel every week for personal reasons or if there is a time in your life when you need to be local, once you’ve established that you’re a good performer, you can request cases that don’t require travel (or as much travel) that are closer to your home office, and they will certainly try to work in those preferences.

What is Risk Consulting at KPMG?

Managing risk is about more than protecting value. Rather, it is about creating value through viewing risk management as a lever for enhancing innovation, building credibility and achieving sustainable growth.

In order to achieve this outcome there is a growing appetite to reform risk management through design and implementation of a cost effective and business-wide approach.

Today’s business agenda is characterized by issues such as conduct risk, the call for greater transparency over non-financial performance and ethical behaviors, technological disruption, cyber security and the power of social media.

In response, regulators and the public are weighing in to ensure that all stakeholder interests are considered, including shareholders, consumers, communities and employees.

KGS Risk Advisory Solutions (RAS) brings deep risk competencies and multi-disciplinary regulatory, technology, process and controls knowledge to deliver solutions to KPMG member firms across the globe. Since its inception in 2010, KGS Risk Advisory services has grown rapidly to over 750 professionals.

KGS RAS works seamlessly with KPMG engagement teams across the globe as a virtual extension of onshore teams to help deliver risk consulting services to our global clients in the following areas:

IT Advisory Services (ITAS)

• Cyber
• IT Audit and Assurance
• GRC Technology
• Emerging Technology Risks

Internal Audit, Risk & Compliance Services (IARCS)

• Internal Audit and Sarbanes-Oxley advisory
• Enterprise Risk Management
• Contract Compliance
• Regulatory Compliance

Forensic

• Corporate Intelligence
• Financial Crimes and Enforcement
• Investigations
• Fraud Risk Management
• Forensic Technology

Financial Risk Management (FRM)

• Market and Treasury Risk
• Regulatory Risk
• Credit Risk
• Operations Risk
• Actuarial and Insurance Risk

Geographical footprint

KGS Risk Advisory Solutions serves over 15 KPMG member firms, including the US, the UK, Australia, the Netherlands and Singapore.

What is Risk Consulting at EY?

EY Risk Transformation Consulting Services helps Boards and CxOs to build agile and risk-aware organizations that make better decisions to achieve their strategic objectives.

Organizations grow and generate value through a series of strategic business decisions — decisions that require taking risks. Identifying, managing and responding to these risks well position an organization to grow and remain successful.

Historically, organizations have focused on risks that can be managed through the implementation of controls. But more often than not, these offer few benefits in terms of an upside. Therefore, organizations should broaden their focus on the risk landscape and consider three categories of risks: upside, outside and downside.

Depending on the risk maturity of the organization, Risk Transformation Consulting Services team will prioritize and implement digitization opportunities across the landscape of risk types and risk activities.

They’ll implement a variety of solutions in a programmatic fashion, for instance, implementing an integrated governance, risk management, and compliance (GRC) platform or spot fixes in areas such as developing and validating risk models, optimizing controls, implementing programs for managing compliances, contracts and program-related risks.

Risk Transformation Consulting Services helps you with:

• Board consulting
  Helping you develop effective corporate governance.
• Next-Gen enterprise risk management
  Helping you stay agile, reduce performance variability and enhance your resiliency by adding a critical layer of focus on the need to embed and better integrate strategy and performance risk considerations into existing enterprise risk management (ERM) processes.
• Risk function optimization
  Helping you optimize risk management efforts by evaluating the extent of risk coverage by various risk management functions; alignment of risk management roles at the board and management levels; and alignment of risk appetite with stakeholder expectations. We’ll also help you assess the impact of digitization on the risk function as a whole.
• Digital risk management
  Helping you understand, assess and manage risks during your company’s digital transformation. This includes risks across the life cycle of the transformation and includes the implementation of new technologies such as intelligent automation, artificial intelligence, IoT, and blockchain.
• Advanced risk analytics and foresights
  Helping you with advanced sectoral analytics embedded into a solution with “what-if”/predictive simulation capabilities that provide sharp insights on process deviations, operational inefficiencies, financial leakages and probable red flags.
• GRC technology enablement
  Helping you harness risk and opportunities in a digitally disrupted world by breaking down traditional siloes and leveraging synergies across GRC to look at them in an integrated and a smarter way.
• Application security
  Helping you assess, design and implement scalable and sustainable application security that addresses your risk and compliance requirements and aligns to business processes in order to drive efficiencies while reducing risk.
• Controls transformation
  Helping you reduce the cost of controls with our controls transformation approach that can cut costs by 20% to 40%, accelerate process execution, and align risk management efforts with strategic objectives.
• Third-party risk management
  Helping you with the complex nature of the third-party risk management and providing you with assurance over the contract delivery. We’ll manage these risks through a unique cloud-based platform capable of digitizing the qualitative and quantitative assessment of risk.
• Program risk management
  Helping you achieve your desired outcomes for the most critical and complex programs and initiatives. We’ll help you identify, manage and respond to program risks in order to improve program execution, build confidence and increase the likelihood of successful outcomes.
• Regulatory compliance
  Helping you navigate the compliance journey starting with establishing a strong governance framework, creating an ongoing risk monitoring framework, automating the risk monitoring through a robotics-enabled platform, conducting regular risk assessments and providing ongoing regulatory updates for risk monitoring.
• Risk management as-a-service
  Helping you improve risk and compliance activities through our leading methods, experienced risk professionals and global footprint. Our managed services offerings are better positioned to help you achieve your strategic objectives at a predicable cost.

Do Risk Managers Make Good Money?

The overall outlook for the risk manager is excellent. Risk management as a profession is just coming into itself. For many years many organizations addressed risk in a segmented way where each office, branch, division, or plant manager was responsible for managing their local risks. Only over the last two decades have companies embraced the idea that an executive with company-wide authority and responsibility is needed. 

Two years ago, Recruiter.com said, “The overall job outlook for risk management specialist careers has been positive since 2004. Vacancies for this career have increased by 29.04 percent nationwide in that time, with an average growth of 4.84 percent per year.

Demand for Risk Management Specialists is expected to go up, with an expected 11,760 new jobs filled by 2018. This represents an annual increase of 0.95 percent over the next few years.”

According to salary.com, “The average risk manager salary in the United States is $111,765 as of May 28, 2020, but the range typically falls between $96,890 and $127,934. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession.”

The Bureau of Labor Statistics combines risk managers with other categories of financial managers, and salaries of risk management employees depend on the field or business in which they’re employed.

• Median annual salary: $127,990
• Top 10 percent annual salary: More than $208,000
• Bottom 10 percent annual salary: Less than $67,620

It should be noted that compensation packages for risk managers frequently outperform financial managers’ averages in general. Those employed in this profession may earn bonuses and commissions in addition to salaries and may even receive profit sharing.

Payscale.com lists the average risk manager salary at $86,840, but the location will invariably make a significant difference in overall compensation. 

Is Risk Advisory the Same as Consulting?

Advisory is the practice of offering information and advice to other professionals to manage future risks, often based on data modeling and the application of lived experience. It’s a long-term relationship that helps a business to proactively prepare for change and uncertainty.

Consulting is the practice of recommending expert solutions to other professionals working in business, financial, or technical fields. It’s shorter-term in nature, with consultants delivering solutions to defined problems the business is currently facing.

While advisory services deal with more long-term issues and consulting more immediate ones, both still transform businesses, helping them to improve their performance. In that respect, they are at two points on a continuum rather than intrinsically different services.

If you want to know more about the differences between consulting and advisory services, you’re in the right place.

There are several ways that advisory differs from consulting work. Let’s have a look at the biggest distinctions.

1. Level of Certainty

Consultants . . .

• Help organizations solve problems that are preventing them from delivering on their strategy. Because of this, there is more certainty around the nature of the problem.
• Focus on the client’s external environment, market forces or what the client’s competitors are up to. The core proposition of a consultant is to bring expertise they’ve gained from working across many clients in the same field or even different industries altogether.
• Take a reactive approach. They benchmark clients’ performance against market or competitor information and propose the changes required to keep the business competitive in that environment.

Advisors . . .

• Sit alongside business leaders to facilitate their thinking. They help them get clear on the unknowns their businesses may face due to changes in regulation, technology, and forces outside their control and support them to scenario-plan based on their knowledge of the company’s strengths and weaknesses. Because of the focus on future unknowns, there is less certainty in the nature of the problem.
• Focus more on a company’s internal environment. This is because the external environment is uncertain or ill-defined.
• Take a proactive approach, identifying issues that may affect their clients in the future and proposing ways to prepare for them. While consultants are seen as problem-solvers, advisors are more like problem-definers.

2. Engagement Length

Consultants are brought in to solve a short-term problem within a defined project scope. Consulting engagements are usually one-off. Once the solution is in place, the consultants disengage and move on to another defined problem or, more often, another client.

Advisors, however, are brought in to help companies look to the future and try and scope the risks and opportunities that are out there but not yet obvious. The boundaries of the engagement are less defined and so are typically longer.

Advisors may be engaged repeatedly by the same client to support annual business planning or when the strategy changes.

3. Toolbox

Consultants and advisors use different toolkits. Consultants approach business problems with frameworks, or blueprints, gained from their experience of working with other clients.

They analyze the problem the client is facing and then look for similarities with previous projects. They use models that have been successful in the past and tailor them to the client’s specific needs.

Advisors use their expertise and lived experience to propose possible solutions.

Both consultants and advisors use data to inform their perspectives. Consultants react to current information about business operations to propose changes for the future.

Advisors may be engaged when a company is contemplating a more fundamental change to its operations. They may use modeling to show how things could look based on their experience and factors specific to the business they’re advising.

4. Organizational Knowledge

Advisors can’t work the way they do without deep organizational knowledge. As their focus is on planning for scenarios that are yet to occur, they need a robust understanding of the strengths and shortcomings of the business to offer a perspective on how to future-proof it.

While consultants also need an understanding of the organization, it can be more superficial. Consulting teams expect business partners to consider how the company culture, strengths, and weaknesses might affect implementation.

The requirement for this type of knowledge is another reason that engagement length is typically longer for advisors than consultants.

It also means that if repeat client engagement is required, the same advisory services team will be used where possible, so the deep organizational knowledge is retained. This is less important for consulting services, and the makeup of a consulting services team will often change even if returning to the same client.

There are also similarities between the work of consultants and advisors.

• Both provide an external perspective based on what they have seen work in the past. That might be through delivering successful projects with previous clients or through having lived through the solution in another role.
• They don’t own any decisions taken by the business. They can provide strategies, models, analysis, and advice, but, ultimately, the business has to take responsibility for deciding the way ahead.
• They don’t own the implementation of the decision. Consultants will deliver a solution within the bounds of a project which, at some point, needs to be handed over to the business for implementation and adoption into their standard procedures. Advisors provide advice that shapes a course of action for business leadership. The work that needs to be done to deliver that action is then implemented and delivered by business management and teams.

Glassdoor suggests Advisory salaries average around $70,000/year. An Advisory intern earns around $30/hr.

Consultant salaries may be significantly more depending on the firm. Salaries for entry-level consultants at the top three strategy consulting firms — McKinsey, BCG, and Bain — can top $100k.

At the Big Four, entry-level base salaries range from $75-$90k. Consultants may also earn more through signing and performance bonuses.

Given the short-term nature of consulting projects, it can be harder to create a work-life balance. During the project term, consultants are expected to be entirely focused on delivering a solution by the deadline, which can mean longer hours and some compromise on home and social life.

This is dependent on the project and your role in it. More junior team members who are responsible for actually getting the work done may need to put in more hours than more senior consultants who hold accountability but don’t actually need to deliver spreadsheets.

As an advisor, your work-life balance is much more likely to be similar to that of company employees. As such, this will differ from one client to the next.

For consultants, travel depends on the projects they’re assigned to and whether the client needs them on-site or they can work remotely. Travel can be a perk of the job or a downside, depending on your perspective, so it’s worth researching the level of travel a position requires while assessing which firm and career path is right for you.

How do I Get Into Consulting With no Experience?

Consultants are known for their long working hours, lots of traveling as well as their ever-changing projects. However, consulting is a good way in which you can earn new skills and grow professionally.

Whether you are new, interested in the consulting industry or an experienced consultant searching for a full-time opportunity in the consulting industry, it can be an uphill task to land an internship or a job in the sector.

Consulting roles, which are in high demand from many companies and individuals are very prestigious as they come with very attractive salaries and benefits. Therefore, if you want to break into the consulting industry, you need to be aware where to find the consulting jobs and learn about the consulting companies that recruit new entrants in the consulting industry.

So, you need to follow these steps if you want to break into the consulting industry.

Acquire the necessary skills and knowledge

All successful people in the consulting industry agree that it is vital for all new entrants in the industry to equip themselves with the relevant consulting skills and knowledge.

One of the best ways to gain the necessary knowledge and equip yourself with these skills is by acquiring an MBA or CFA part 1. You should understand that CFA part 1 or MBA would be an added advantage to you, regardless whether you have the necessary experience or not.

However, you should understand that doing CFA part 1 or MBA is not a prerequisite for finding a consulting job.

But, of these courses can make you be a potential candidate, particularly if you possess the specific industry qualifications and experience which consulting firms ask for.

The main reason behind this is that you get to possess some of the necessary skills, like communication, management, leadership, problem-solving and working under pressure or stress amongst others.

Prepare a good cover letter and a strong resume

Yes, you might possess all the necessary qualifications, but you can fail to be noticed particularly if you do not present all your qualifications effectively. To do this, you must prepare very strong and impressive resume and cover letter.

For your resume to stand out, it must start with your relevant experience on the first page as well as your experience and quantifiable achievements.

If you want your potential employer to notice you, then you must express all your accomplishments related to the consulting industry. You should ensure that you outline all your important skills in the resume, as they will set you apart from all other applicants.

Furthermore, you should understand that a well-written cover letter can play a major role in landing you that consulting job compared to the resume. A cover letter presents you with the only opportunity to sell yourself to the employer.

Therefore, put in mind that a carefully written cover letter is very important than any other document you present to your employer, including the resume.

Acquaint yourself with the professional consulting job-hunting process and interviews

As a new consultant entering the industry, it is important for you to get to know how the professional consulting and job-hunting process is. When looking for a consulting job opportunity, it is important to ensure that you explore all the available options, including online platforms.

In addition, you will really need to prepare for the interview process, as this is where you will get an opportunity to convince your employer why he or she should hire you.

Therefore, you will need to be prepared to answer some questions about your personalities as well as about your previous experience. Your interviewer might also ask you some questions to test your communication and problem-solving skills.

In addition, you should be prepared to answer case questions during the interview, as your interviewer will be interested to know how you can handle certain situations.

Find a good mentor in the consulting industry

Finding a seasoned professional to be your mentor can prove to be a major benefit for someone who wants to break into consulting. A good mentor should be someone with tons of experience, insight, and knowledge in the consulting industry.

He or she should be in the position to assist you in exploring your consulting career as even assist you in developing strategies on how you can find better-consulting job opportunities.

Actually, it is of the utmost importance to know how much your mentor can assist and support you before you even venture into the consulting industry. Furthermore, it is good to understand that mentors can be very busy at sometimes.

Therefore, it is important not to ask them to do things that you can do personally.

Become a member of a consulting club

The main purpose of a consulting club is to assist students to be connected to potential employers and learn more about the consulting industry. A consulting club can help you to have a better understanding of the new trends in the consulting industry, connect you to several consulting firms.

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Furthermore, a consulting club can help you to get ready for the recruitment process of a consulting job. This mostly happens through social events as well as workshops directed towards professional development.

Network with people in the consulting industry

It is important to understand that you must network with people in the consulting industry if you want to break into to the sector.

Mostly, networking comprises contacting people, like relatives, friends and even acquaintances you met at a workshop, consulting club or career fairs.

Networking assists you to share important information and details about the consulting industry and learn more about prospective job leads, as well as develop relationships.

Actually, networking in the consulting industry should become a part of your daily life. Your consulting network should always be ready whenever you need it, be it for job searching or even moving up the ladder in your consulting career.

Because you do not know when you might require it, you should always ensure that you maintain an active consulting network, even when you do not need it at the moment.

Look for a consulting internship and get the best out of it

Landing an internship in a consulting firm is one of the best ways to join the consulting industry.

Getting an internship at a consulting company can assist you in the following ways:

• You get the opportunity to learn more about the lifestyle and what it takes and means for a person to be a consultant
• You can be lucky and get a full-time consulting job after your internship period ends.

Finally

It is interesting to note that the future of risk management is closely tied to human existence, since life itself is full of risk. In short we all live with one form of risk or the other so the earlier risks are identified the better for the for the system and the economy at large. To Conclude this article, it is not out of place to state that options for making money by risk management consultant are limitless.